Loans
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WHAT IS A StretchPay LOAN? StretchPay is a line of credit of $250 or $500 to help you pay urgent bills or make an emergency purchase. This type of loan offers a lower-cost alternative to expensive payday lender interest charges and penalties. |
| HOW DOES StretchPay WORK? Pay an annual fee of $35 (for a $250 loan) or $70 (for a $500 loan) to be enrolled. You can take out 30-day loans as needed, paying an interest rate of 18% APR. | HOW CAN I QUALIFY FOR StretchPay? You must be a member of Communicating Arts Credit Union for 120 days, provide proof of income, have no delinquent accounts at the credit union, and not be in the process of filing bankruptcy. Approval is not based on your credit history or score. Productive use of a $250 loan for 12 months is required to qualify for a $500 loan. |
| HOW DOES IT BUILD MY CREDIT? Your payment history is reported to the credit bureau. If you pay on time, this can help improve your credit score by proving that you can manage credit responsibly. |
A Smart Solution
StretchPay is designed with you in mind. On a $500 loan, you'll save more than $142.
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